With strong OSB demand in both North America and Europe, Norbord continues to deliver robust results in the first three months of 2018 (1Q-2018).
Sales reached USD 576 million in the 1Q-2018 an increase of 23.3% compared to USD 467 million in the 1Q-2017.
Norbord reported Adjusted EBITDA of USD 170 million for the first quarter of 2018 versus USD 103 million in the first quarter of 2017. The improvement is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes, as well as higher European panel prices.
Norbord recorded a profit of USD 95 million in the first quarter of 2018 versus USD 49 million in the first quarter of 2017, an improvement of 93.9%.
In North America, demand from US housing continues to improve. Year-to-date US housing starts were up 8% versus the same period in 2017, with single-family starts (which use approximately three times more OSB than multi-family) increasing by 7%.
In Europe, Norbord’s core panel markets continued to strengthen in the first quarter of 2018, with robust OSB demand growth in both the UK and Germany. In local currency terms, average panel prices were up 25% versus the same quarter last year.